- MagicPoopCannon warns that US crypto exchanges could delist XRP
- This follows Bitstamp planning to halt trading and deposits of XRP for US customers on January 8th
- XRP could be gearing up for further losses as U.S investors protect their capital against potential delistings in the US
Popular Bitcoin and Crypto analyst, MagicPoopCannon, has warned XRP investors that US exchanges could delist the remittance coin in the days and weeks to follow. Magic made the comments via Twitter and also warned that XRP could continue falling as a result.
His comments can be found below and were after Bitstamp announced that it was halting XRP trading and deposits for its US customers on the 8th of January.
I have captured that quick profit and exited XRP with a roughly 40% gain. I think it could print a lower low here. There is a very real risk that exchanges in the US could delist, and that could send XRP plummeting lower. It is very risky right now. Time to be defensive.
U.S Based Crypto Exchanges Face a Tough Decision
To note is that the popular US crypto exchange of Coinbase had delayed listing XRP by as much as one year due to uncertainty as to whether it is a security or not. The initial hype surrounding a possible listing for XRP on Coinbase was the key ingredient in the remittance coin posting its all-time high of $3.84 in January of 2018.
Coinbase finally listed XRP in February of 2019 and now the crypto exchange is facing a monumental task of determining whether to follow Bitstamp in halting trading and deposits of XRP. Other US-based crypto exchanges such as Kraken and Binance US also have a similar decision to make regarding XRP.
Gemini Was Yet to List XRP
The only US-based crypto exchange that had not listed XRP, was Gemini. Perhaps the Winklevoss Twins had seen the potential of an SEC lawsuit against Ripple and opted not to list the remittance coin till there was additional clarity on its fate as a security.